/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/091211.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Friday, December 11, 2009, Vol. 10, No. 246 Headlines A N T I G U A & B A R B U D A STANFORD INT'L: Former Employees Reach to Recover Funds A R G E N T I N A AGUILERA EQUIPAMIENTOS: Creditors' Proofs of Debt Due on Feb. 23 DROGALENO SA: Creditors' Proofs of Debt Due on March 1 INVERSION SRL: Creditors' Proofs of Debt Due on February 3 LOGIRANCHS SA: Creditors' Proofs of Debt Due on March 5 TELECOM ARGENTINA: To Increase Technology Investment in 2010 * ARGENTINA: To Unveil Debt Swap Details Next Month B E R M U D A ATLANTIC PUBLISHING: Creditors' Proofs of Debt Due on December 18 ATLANTIC PUBLISHING: Member to Receive Wind-Up Report on January 5 TREDEGAR PRIVATE: Creditors' Proofs of Debt Due on December 18 TREDEGAR PRIVATE: Members to Receive Wind-Up Report on January 6 B R A Z I L CAMARGO CORREA: CCDI to Issue BRL400 Million in Debentures FAZENDAS REUNIDAS: Chapter 15 Case Summary GERDAU SA: Steel Output Capacity Double Local Demand, CEO Says C A Y M A N I S L A N D S AQUEOUS OFFSHORE: Commences Wind-Up Proceedings BALANCIA FUND: Creditors' Proofs of Debt Due Today BALANCIA MASTER: Creditors' Proofs of Debt Due Today CAYMAN LOAN: Commences Liquidation Proceedings C-SYMBOL LTD: Commences Liquidation Proceedings CENTERLINE CLO: Commences Liquidation Proceedings CHRISTIE LTD: Placed Under Voluntary Wind-Up CITIUS II: Commences Liquidation Proceedings CRYSTAL FUNDING: Commences Liquidation Proceedings COLUMBUS INTERNATIONAL: Commences Liquidation Proceedings COMBINATION ASSET: Commences Liquidation Proceedings CONTEXT/TQA SPECIAL: Commences Wind-Up Proceedings CONTEXT/TQA GLOBAL: Commences Wind-Up Proceedings DAVENPORT CDO: Commences Liquidation Proceedings FIRST QUADRANT: Commences Liquidation Proceedings FIRST QUADRANT: Commences Liquidation Proceedings HALCYON POWER: Creditors' Proofs of Debt Due on December 14 HFH SHORTPLUS: Commences Wind-Up Proceedings KAIROS HEDGE: Placed Under Voluntary Wind-Up OSPRAIE REAL: Creditors' Proofs of Debt Due Today OSPRAIE REAL: Creditors' Proofs of Debt Due Today OSPRAIE TRADING: Creditors' Proofs of Debt Due Today OSPRAIE VALUE: Creditors' Proofs of Debt Due Today PARADIGM GLOBAL: Commences Liquidation Proceedings SIGNATURE QSPE: Commences Liquidation Proceedings SPM STRATEGIES: Placed Under Voluntary Wind-Up STEED FUND: Commences Liquidation Proceedings STROME ALPHA: Commences Liquidation Proceedings VET PARTNERS: Placed Under Voluntary Wind-Up XILINX HOLDING: Commences Liquidation Proceedings D O M I N I C A N R E P U B L I C AES CORP: AES Dominicana Guarantees 600MW Power In Next 2 Months J A M A I C A AIR JAMAICA: Gov't Appears Ready for Divestment Process BAUXITE COMPANY, GUYANA: Workers End Two-Week Strike CABLE & WIRELESS: LIME Theft Leaves Customers Without Service M E X I C O ASARCO LLC: Grupo Mexico to Pay US$1.79 Billion for Cleanup CEMEX SAB: Sells US$1.77 Billion Bonds Overseas GRUPO MEXICO: To Pay US$1.79 Billion for Asarco Cleanup P E R U BANCO DE CREDITO: Finances Buenaventura HPP Construction T R I N I D A D & T O B A G O CL FINANCIAL: HCL CEO Separated From One Woodbrook Project V E N E Z U E L A CITGO PETROLEUM: To Cooperate Fully With CSB Investigation - - - - - =============================== A N T I G U A & B A R B U D A =============================== STANFORD INT'L: Former Employees Reach to Recover Funds ------------------------------------------------------- Former employees of Stanford International Bank Limited have reached an agreement with the bank to recover severance and retirement funds owed to them, Jamaica Gleaner reports. "Agreement was reached to collectively pursue the employees' retirement fund through the legal system of Antigua and Barbuda," the report quoted Scott Glendinning, spokesman for the Stanford Severed Employees Committee, as saying. According to the report, under the deal, attorneys for the bank will cooperate with the committee's legal representative Cosbert Cumberbatch. "The Stanford Group of Companies has been partially dismantled and there's really no trustee to administer the retirement fund and that's beyond the abilities of the bank to disperse any money without an independent trustee, so the two counsels are working towards seeking remedy through the legal system," the report quoted Mr. Glendinning as saying. "The committee is hopeful that with this level of cooperation at the Bank of Antigua we will have this matter resolved soon," he added. The SSEC, the report notes, said that its members are owed several million dollars with the severance alone amounting to EC$10 million (US$3.7 million). About Stanford International Bank Domiciled in Antigua, Stanford International Bank Limited -- http://www.stanfordinternationalbank.com/-- is a member of Stanford Private Wealth Management, a global financial services network with US$51 billion in deposits and assets under management or advisement. Stanford Private Wealth Management serves more than 70,000 clients in 140 countries. On February 16, 2009, the United States District Court for the Northern District of Texas, Dallas Division, signed an order appointing Ralph Janvey as receiver for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, Robert Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. The U.S. Securities and Exchange Commission, on Feb. 17, charged before the U.S. District Court in Dallas, Texas, Mr. Stanford and three of his companies for orchestrating a fraudulent, multi- billion dollar investment scheme centering on an US$8 billion Certificate of Deposit program. A criminal case was pursued against him in June before the U.S. District Court in Houston, Texas. Mr. Stanford pleaded not guilty to 21 charges of multi-billion dollar fraud, money-laundering and obstruction of justice. Assistant Attorney General Lanny Breuer, as cited by Agence France-Presse News, said in a 57-page indictment that Mr. Stanford could face up to 250 years in prison if convicted on all charges. Mr. Stanford surrendered to U.S. authorities after a warrant was issued for his arrest on the criminal charges. The criminal case is U.S. v. Stanford, H-09-342, U.S. District Court, Southern District of Texas (Houston). The civil case is SEC v. Stanford International Bank, 3:09-cv-00298-N, U.S. District Court, Northern District of Texas (Dallas). ================= A R G E N T I N A ================= AGUILERA EQUIPAMIENTOS: Creditors' Proofs of Debt Due on Feb. 23 ---------------------------------------------------------------- The court-appointed trustee for Aguilera Equipamientos Comerciales S.R.L.'s bankruptcy proceedings will be verifying creditors' proofs of claim until February 23, 2010. The trustee will present the validated claims in court as individual reports on April 9, 2010. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court on June 9, 2010. DROGALENO SA: Creditors' Proofs of Debt Due on March 1 ------------------------------------------------------ The court-appointed trustee for Drogaleno S.A.'s bankruptcy proceedings will be verifying creditors' proofs of claim until March 1, 2010. The trustee will present the validated claims in court as individual reports on April 16, 2010. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court on June 2, 2010. INVERSION SRL: Creditors' Proofs of Debt Due on February 3 ---------------------------------------------------------- The court-appointed trustee for Inversion S.R.L.'s reorganization proceedings will be verifying creditors' proofs of claim until February 3, 2010. The trustee will present the validated claims in court as individual reports on March 17, 2010. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court on May 3, 2010. Creditors will vote to ratify the completed settlement plan during the assembly on October 8, 2010. LOGIRANCHS SA: Creditors' Proofs of Debt Due on March 5 ------------------------------------------------------- The court-appointed trustee for Logiranchs S.A.'s bankruptcy proceedings will be verifying creditors' proofs of claim until March 5, 2010. The trustee will present the validated claims in court as individual reports on April 21, 2010. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. Inadmissible claims may be subject to appeal in a separate proceeding known as an appeal for reversal. A general report that contains an audit of the company's accounting and banking records will be submitted in court on June 4, 2010. TELECOM ARGENTINA: To Increase Technology Investment in 2010 ------------------------------------------------------------ Telecom Argentina S.A. will increase its investment in technology in 2010, after paying off the majority of its debt ahead of schedule this year, Riva Froymovich at Dow Jones Newswires reports, citing Company Chief Executive Officer Franco Bertone. The debt payoff will also allow the company to resume paying dividends next year, Mr. Bertone told the news agency in an interview. "We were restricted by being cash-strapped in the past," he added. According to the report, Mr. Bertone said that strong growth results expected for 2009 will help as well. Mr. Bertone, the report relates, expects annual revenues to reach about US$3.5 billion at year-end, which represents 14% growth from the previous year. Net profit is seen jumping 20%, he added. In October, the report recalls, Telecom Argentina paid off the last US$352 million on a US$1.9 billion loan extended in 2005. Next year, Dow Jones says, Telecom Argentina will increase investments to about 15% to 16% from 13% to 14%, on a capital expenditure basis. The report notes that the money will predominantly go to upgrading its transport network to allow increased Internet access to mobile users. Mr. Bertone, the report adds, said that Telcom Argentina concentrated on paying down its dollar- and euro-denominated debt this year to limit the impact of local currency fluctuations. Exposure to euro-denominated debt this year had a big impact on the company's earnings, he added. About Telecom Argentina Headquartered in Buenos Aires, Telecom Argentina S.A. -- http://www.telecom.com.ar/index-flash.html-- provides telephone-related services, such as international long-distance service and data transmission and Internet services, and through its subsidiaries, wireless telecommunications services, international wholesale services and telephone directory publishing. * * * As of June 30, 2009, the company continues to carry Standard and Poor's "B-" LT Foreign Issuer Credit rating and "B" LT Local Issuer Credit rating. The company also continues to carry Fitch ratings' "B" LT FC Issuer default rating; "B+" LT LC Issuer default rating; and "B" Senior Unsecured Debt rating * ARGENTINA: To Unveil Debt Swap Details Next Month --------------------------------------------------- Argentina expects to unveil in January details of a plan to swap US$20 billion of defaulted debt after the U.S. Securities and Exchange Commission approves documents for the offer, Drew Benson at Bloomberg News reports, citing an unnamed economy ministry official. According to the report, the minister said that President Cristina Fernandez de Kirchner will likely sign a decree this week to expand a 2005 bond program, allowing the government to file the paperwork with U.S. regulators, said the official. The documents may be filed with the SEC as soon as next week, the minister added. The report relates Javier Salvucci, an analyst with Silver Cloud Advisors in Buenos Aires, said that a lack of details about the swap has slowed Argentine bond trading as investors await the terms of the offer. Economy Minister Amado Boudou, the report recalls, said that the government was still studying the details and that the exchange could get pushed to January. �The market was expecting a shorter timeline for the debt swap,� the report quoted Mr. Salvucci as saying. �I don�t see a lot of selling, but trading has stalled,� he added. As reported in the Troubled Company Reporter-Latin America on November 10, 2009, Bloomberg News said that Argentina plans to make a proposal on the restructuring of US$20 billion of defaulted bonds. According the report, Argentina will seek approval from as many of the holders of the defaulted debt as possible and may meet investors in Italy, Germany, Japan, New York and London. The report noted that Argentina may sell bonds in international markets to finance investments in utilities and infrastructure. * * * As reported in the Troubled Company Reporter-Latin America on August 27, 2009, Standard & Poor's Ratings Services affirmed its 'B-' long-term and 'C' short-term sovereign credit ratings on the Republic of Argentina. The outlook remains stable. ============= B E R M U D A ============= ATLANTIC PUBLISHING: Creditors' Proofs of Debt Due on December 18 ----------------------------------------------------------------- The creditors of Atlantic Publishing Company Limited are required to file their proofs of debt by December 18, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on December 3, 2009. The company's liquidator is: Ernest A. Morrison Cox Hallett Wilkinson Bermuda ATLANTIC PUBLISHING: Member to Receive Wind-Up Report on January 5 ------------------------------------------------------------------ The sole member of Atlantic Publishing Company Limited will receive, on January 5, 2010, at 10:00 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on December 3, 2009. The company's liquidator is: Ernest A. Morrison Cox Hallett Wilkinson Bermuda TREDEGAR PRIVATE: Creditors' Proofs of Debt Due on December 18 -------------------------------------------------------------- The creditors of Tredegar Private Trust Company Limited are required to file their proofs of debt by December 18, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on December 2, 2009. The company's liquidator is: Robin J. Mayor Clarendon House Church Street, Hamilton Bermuda TREDEGAR PRIVATE: Members to Receive Wind-Up Report on January 6 ---------------------------------------------------------------- The members of Tredegar Private Trust Company Limited will receive, on January 6, 2010, at 9:30 a.m., the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced wind-up proceedings on December 2, 2009. The company's liquidator is: Robin J. Mayor Clarendon House Church Street, Hamilton Bermuda =========== B R A Z I L =========== CAMARGO CORREA: CCDI to Issue BRL400 Million in Debentures ---------------------------------------------------------- Camargo Correa Desenvolvimento Imobiliario SA's board approved the company's plan to raise BRL400 million (US$227 million) from an issue of nonconvertible debentures, Rogerio Jelmayer at Dow Jones Newswires reports, citing a company statement. Camargo Correa Desenvolvimento is a unit of Camargo Correa SA. According to the report, the debentures will mature in three years. The company, the report relates, said it will use the proceeds to pay existing debts and to finance its working capital and investments. Camargo Correa SA is one of the largest private industrial conglomerates in Brazil. The company is a holding company with interests in cement, engineering and construction, textiles, footwear and sportswear manufacturing. It also owns non- controlling equity interests in the energy, transportation (highway concessions) and steel businesses. During the last 12 months through June 2007, Camargo Correa had net sales of BRL9.2 billion and EBITDA of BRL1.4 billion. * * * As reported in the Troubled Company Reporter-Latin America on November 26, 2009, Fitch Ratings currently rates Camargo : -- Foreign currency Issuer Default Rating 'BB'; -- Local currency IDR 'BB'; -- National Scale rating 'AA-(bra)'. FAZENDAS REUNIDAS: Chapter 15 Case Summary ------------------------------------------ Chapter 15 Petitioner: Gustavo Saven de Annuda Piyto, foreign representative Chapter 15 Debtor: Fazendas Reunidas Boi Gordo, S.A. Attn: Gustavo H. Sauer de Arruda Pinto Praa Da Libertade, 130, 8Andar cjs 84/ O1503-010, Sao Pulo, SP Miami, FL 33131 Chapter 15 Case No.: 09-37116 Type of Business: Chapter 15 Petition Date: December 8, 2009 Court: Southern District of Florida (Miami) Judge: A. Jay Cristol Chapter 15 Petitioner's Counsel: Gregory S. Grossman, Esq. 701 Brickell Ave 16 Fl Miami, FL 33131 Tel: (305) 372-8282 Email: ggrossman@astidavis.com Estimated Assets: US$50,000,001 to US$100,000,000 Estimated Debts: More than US$1,000,000,000 GERDAU SA: Steel Output Capacity Double Local Demand, CEO Says -------------------------------------------------------------- Brazil�s steel output capacity is twice as much as domestic demand, Iuri Dantas and Diana Kinch at Bloomberg News report, citing Gerdau SA Chairman Jorge Gerdau Johannpeter. The report relates Mr. Johannpeter said that the country must make an effort to increase steel exports in view of low domestic demand. According to the report, Flavio Azevedo, president of Brazil�s Steel Institute Aco Brasil, said that crude steel production capacity in Brazil will rise 3.6% next year to 43.5 million metric tons, about double demand levels which are still recovering from the crisis. Mr. Azevedo, the report relates, said that in the medium-term, new mill projects including those announced by Vale SA will boost capacity further, particularly for the export market. Bloomberg News, citing the institute, notes that steel demand will climb 22% to 22.9 million tons from 18.8 million this year as orders grow from industrial segments including carmaking. The report adds that the institute said steel exports from Brazil increased 3.3% this year and will grow an additional 16 percent to 11 million tons in 2010. About Gerdau SA Headquartered in Porto Alegre, Brazil, Gerdau S.A. -- http://www.gerdau.com.br/-- produces and distributes crude steel and related long rolled products, drawn products, and long specialty products. In addition to Brazil, Gerdau operates in Argentina, Canada, Chile, Colombia, Uruguay, India and the United States. * * * As of June 19, 2009, the company continues to carry Moody's Ba1 LT Corp Family rating and Ba1 Senior Unsecured Debt Ratings. ========================== C A Y M A N I S L A N D S ========================== AQUEOUS OFFSHORE: Commences Wind-Up Proceedings ----------------------------------------------- On October 29, 2009, the sole shareholder of Aqueous Offshore Fund, SPC. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by December 10, 2009, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005, Cayman Islands BALANCIA FUND: Creditors' Proofs of Debt Due Today -------------------------------------------------- The creditors of Balancia Fund Ltd. are required to file their proofs of debt by today, December 11, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on October 26, 2009. The company's liquidators are: E. Andrew Hersant Christopher Humphries c/o Stuarts Walker Hersant Telephone: (345) 949 3344 Facsimile: (345) 949 2888 P.O. Box 2510, Grand Cayman KY1-1104 Cayman Islands BALANCIA MASTER: Creditors' Proofs of Debt Due Today ---------------------------------------------------- The creditors of Balancia Master Fund Ltd. are required to file their proofs of debt by today, December 11, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on October 26, 2009. The company's liquidators are: E. Andrew Hersant Christopher Humphries c/o Stuarts Walker Hersant Telephone: (345) 949 3344 Facsimile: (345) 949 2888 P.O. Box 2510, Grand Cayman KY1-1104 Cayman Islands CAYMAN LOAN: Commences Liquidation Proceedings ---------------------------------------------- On October 23, 2009, the sole shareholder of Cayman Loan Asset Securitisation Scheme Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by December 10, 2009, will be included in the company's dividend distribution. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands C-SYMBOL LTD: Commences Liquidation Proceedings ----------------------------------------------- On October 29, 2009, the sole shareholder of C-Symbol Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by December 10, 2009, will be included in the company's dividend distribution. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands CENTERLINE CLO: Commences Liquidation Proceedings ------------------------------------------------- On October 29, 2009, the sole shareholder of Centerline CLO Ltd. 2008-1 resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by December 10, 2009, will be included in the company's dividend distribution. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands CHRISTIE LTD: Placed Under Voluntary Wind-Up -------------------------------------------- Christie, Ltd. commenced wind-up proceedings on October 29, 2009. Only creditors who were able to file their proofs of debt by December 10, 2009, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman, KY1-9005, Cayman Islands CITIUS II: Commences Liquidation Proceedings -------------------------------------------- On October 27, 2009, the sole shareholder of Citius II Funding, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by December 10, 2009, will be included in the company's dividend distribution. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands CRYSTAL FUNDING: Commences Liquidation Proceedings -------------------------------------------------- On October 26, 2009, the shareholder of Crystal Funding Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by December 10, 2009, will be included in the company's dividend distribution. The company's liquidator is: Jess Shakespeare c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands COLUMBUS INTERNATIONAL: Commences Liquidation Proceedings --------------------------------------------------------- On October 19, 2009, the sole shareholder of Columbus International Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by December 10, 2009, will be included in the company's dividend distribution. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands COMBINATION ASSET: Commences Liquidation Proceedings ---------------------------------------------------- On October 16, 2009, the sole shareholder of Combination Asset Backed Securities Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by December 10, 2009, will be included in the company's dividend distribution. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands CONTEXT/TQA SPECIAL: Commences Wind-Up Proceedings -------------------------------------------------- On October 28, 2009, the shareholders of Context/TQA Special Opportunities Master Fund, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by December 10, 2009, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005, Cayman Islands CONTEXT/TQA GLOBAL: Commences Wind-Up Proceedings ------------------------------------------------- On October 28, 2009, the shareholders of Context/TQA Global Convertible Master Fund, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by December 10, 2009, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005, Cayman Islands DAVENPORT CDO: Commences Liquidation Proceedings ------------------------------------------------ On October 20, 2009, the sole shareholder of Davenport CDO I, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by December 10, 2009, will be included in the company's dividend distribution. The company's liquidator is: Victor Murray c/o Maples Finance Limited PO Box 1093, Boundary Hall Grand Cayman KY1-1102, Cayman Islands FIRST QUADRANT: Commences Liquidation Proceedings ------------------------------------------------- On October 29, 2009, the sole shareholder of First Quadrant Premier Fund, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by December 10, 2009, will be included in the company's dividend distribution. The company's liquidator is: Mourant Cayman Liquidators, Ltd. c/o Mourant du Feu & Jeune Telephone: (+1) 345 949 4123 Facsimile: (+1) 345 949 4647; or Mourant Cayman Liquidators, Ltd. c/o Peter Goulden Telephone: (+1) 345 949 4123 Facsimile: (+1) 345 949 4647 Harbour Centre, 42 North Church Street P.O. Box 1348, George Town Grand Cayman KY1-1108, Cayman Islands FIRST QUADRANT: Commences Liquidation Proceedings ------------------------------------------------- On October 29, 2009, the sole shareholder of First Quadrant Premier Master Fund, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by December 10, 2009, will be included in the company's dividend distribution. The company's liquidator is: Mourant Cayman Liquidators, Ltd. c/o Mourant du Feu & Jeune Telephone: (+1) 345 949 4123 Facsimile: (+1) 345 949 4647; or Mourant Cayman Liquidators, Ltd. c/o Peter Goulden Telephone: (+1) 345 949 4123 Facsimile: (+1) 345 949 4647 Harbour Centre, 42 North Church Street P.O. Box 1348, George Town Grand Cayman KY1-1108, Cayman Islands HALCYON POWER: Creditors' Proofs of Debt Due on December 14 ----------------------------------------------------------- The creditors of Halcyon Power Recovery Limited are required to file their proofs of debt by December 14, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on October 29, 2009. The company's liquidator is: David M.L. Roberts P.O. Box 1569, George Town Grand Cayman KY1-1110, Cayman Islands Telephone: (345) 949 4018 Facsimile: (345) 949 7891 email: general@caymanmanagement.ky HFH SHORTPLUS: Commences Wind-Up Proceedings -------------------------------------------- On October 21, 2009, the sole shareholder of HFH Shortplus Master Fund Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by December 10, 2009, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005, Cayman Islands KAIROS HEDGE: Placed Under Voluntary Wind-Up -------------------------------------------- On October 20, 2009, the sole shareholder of Kairos Hedge Fund Europe Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by December 10, 2009, will be included in the company's dividend distribution. The company's liquidator is: Avalon Management Limited Telephone: (+1) 345 769 4422 Facsimile: (+1) 345 769 9351 Landmark Square 1st Floor, 64 Earth Close West Bay Beach, PO Box 715, George Town Grand Cayman KY1-1107, Cayman Islands OSPRAIE REAL: Creditors' Proofs of Debt Due Today ------------------------------------------------- The creditors of Ospraie Real Return Fund Ltd are required to file their proofs of debt by today, December 11, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on October 28, 2009. The company's liquidator is: Ian Stokoe c/o Cathlin Rossiter Telephone: (345) 914 8663 Facsimile: (345) 945 4237 PO Box 258, Grand Cayman KY1-1104 Cayman Islands OSPRAIE REAL: Creditors' Proofs of Debt Due Today ------------------------------------------------- The creditors of Ospraie Real Return Portfolio Ltd are required to file their proofs of debt by today, December 11, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on October 28, 2009. The company's liquidator is: Ian Stokoe c/o Cathlin Rossiter Telephone: (345) 914 8663 Facsimile: (345) 945 4237 PO Box 258, Grand Cayman KY1-1104 Cayman Islands OSPRAIE TRADING: Creditors' Proofs of Debt Due Today ---------------------------------------------------- The creditors of Ospraie Trading Ltd are required to file their proofs of debt by today, December 11, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on October 28, 2009. The company's liquidator is: Ian Stokoe c/o Cathlin Rossiter Telephone: (345) 914 8663 Facsimile: (345) 945 4237 PO Box 258, Grand Cayman KY1-1104 Cayman Islands OSPRAIE VALUE: Creditors' Proofs of Debt Due Today -------------------------------------------------- The creditors of Ospraie Value Ltd are required to file their proofs of debt by today, December 11, 2009, to be included in the company's dividend distribution. The company commenced liquidation proceedings on October 28, 2009. The company's liquidator is: Ian Stokoe c/o Cathlin Rossiter Telephone: (345) 914 8663 Facsimile: (345) 945 4237 PO Box 258, Grand Cayman KY1-1104 Cayman Islands PARADIGM GLOBAL: Commences Liquidation Proceedings -------------------------------------------------- On October 30, 2009, the shareholders of Paradigm Global Fund Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by December 10, 2009, will be included in the company's dividend distribution. The company's liquidator is: Graham Robinson Telephone: (345) 949 7576 Facsimile: (345) 949 8295 P.O. Box 897, One Capital Place, George Town, Grand Cayman KY1-1103, Cayman Islands SIGNATURE QSPE: Commences Liquidation Proceedings ------------------------------------------------- On October 30, 2009, the sole shareholder of Signature QSPE Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by December 10, 2009, will be included in the company's dividend distribution. The company's liquidator is: Warren Keens c/o Stephen Roney Telephone: (345) 949 8455 Facsimile: (345) 949 8499 Close Brothers (Cayman) Limited Harbour Place, Fourth Floor P.O. Box 1034, Grand Cayman, KY1-1102 SPM STRATEGIES: Placed Under Voluntary Wind-Up ---------------------------------------------- SPM Strategies Offshore, SPC commenced wind-up proceedings on October 29, 2009. Only creditors who were able to file their proofs of debt by December 10, 2009, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman, KY1-9005, Cayman Islands STEED FUND: Commences Liquidation Proceedings --------------------------------------------- On October 6, 2009, the sole shareholder of Steed Fund SPC resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by today December 11, 2009, will be included in the company's dividend distribution. The company's liquidator is: Jamal Young Telephone: (345) 943-5700 Facsimile: (345) 943-5711 c/o Goldfield (Cayman) Corporate Services Ltd. Rankin's Plaza, 21 Eclipse Drive P.O. Box 10734, Grand Cayman KY1-1007 Cayman Islands STROME ALPHA: Commences Liquidation Proceedings ----------------------------------------------- On October 30, 2009, the sole shareholder of Strome Alpha Master Fund, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by December 10, 2009, will be included in the company's dividend distribution. The company's liquidator is: Mourant Cayman Liquidators, Ltd. c/o Mourant du Feu & Jeune Telephone: (+1) 345 949 4123 Facsimile: (+1) 345 949 4647; or Mourant Cayman Liquidators, Ltd. c/o Peter Goulden Telephone: (+1) 345 949 4123 Facsimile: (+1) 345 949 4647 Harbour Centre, 42 North Church Street P.O. Box 1348, George Town Grand Cayman KY1-1108, Cayman Islands VET PARTNERS: Placed Under Voluntary Wind-Up -------------------------------------------- Vet Partners Holdings Inc. commenced wind-up proceedings on October 30, 2009. Only creditors who were able to file their proofs of debt by December 10, 2009, will be included in the company's dividend distribution. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands XILINX HOLDING: Commences Liquidation Proceedings ------------------------------------------------- On October 19, 2009, the shareholders of Xilinx Holding Four Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by December 1, 2009, will be included in the company's dividend distribution. The company's liquidator is: Scott Hover-Smoot Alan G. de Saram Telephone: 949-4544 Facsimile: 949-8460 c/o Charles Adams Ritchie & Duckworth Zephyr House, 122 Mary Street PO Box 709, Grand Cayman KY1-1107 Cayman Islands ================================== D O M I N I C A N R E P U B L I C ================================== AES CORP: AES Dominicana Guarantees 600MW Power In Next 2 Months ---------------------------------------------------------------- Power company AES Dominicana said its units are operating to guarantee around 600 megawatts during the next two months, with the availability of natural gas and coal, the two fuels used by energy group, Dominican Today reports. The company is a local unit of AES Corporation. �We will be supplying energy to the National Interconnected Electric System (SENI) with the same quality we�ve been providing throughout the year as shown in the Coordinating Organism�s registry. The AES Dominicana group has contributed an average of 35% of all the energy placed in the system during 2009,� the company said in a statement obtained by the news agency. According to the report, AES Dominicana�s generators are an important sustenance of the SENI because the joint energy production provides the frequency regulation service. The report relates that a tanker arrived with 131,000 cubic meters of liquid natural gas to sustain operations in the AES plants at Andres, and place the 105 MW of the Los Mina 6 at the SENI�s disposal. AES Dominicana, the report notes, said both units will be in the system at 100% capacity and provide the frequency regulation service. The report says that the company added that its Los Mina unit will continue under periodic maintenance until the beginning of next year, whereas to maintain its habitual contribution to the SENI, its ITABO 1 and 2 units will also be permanently operating, contributing an average of 236 megawatts. About AES Corporation The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is one of the world's largest global power companies, with 2007 revenues of US$13.6 billion. With operations in 29 countries on five continents, AES's generation and distribution facilities have the capacity to serve 100 million people worldwide. * * * As reported in the Troubled Company Reporter-Latin America on April 7, 2009, Fitch Ratings affirmed The AES Corporation's long- term Issuer Default Rating at 'B+' with a Stable Rating Outlook. ============= J A M A I C A ============= AIR JAMAICA: Gov't Appears Ready for Divestment Process ------------------------------------------------------- Following a series of setbacks it now appears that the government is ready to make a decision on the future of the national airline Air Jamaica Limited, RadioJamaica reports. The report relates that Finance Minister Audley Shaw has given the clearest signal yet that the privatization of the air carrier is imminent. "In relation to the divestment, the government remains committed to divesting Air Jamaica and it is now at a stage where I can indicate that a decision on the future of Air Jamaica is imminent," the report quoted Mr. Shaw as saying. According to the report, one of the unions representing Air Jamaica workers says it's not holding out much hope that the airline will be privatized soon. The report relates National workers Union, Vice President Granville Valentine, scoffed at the Finance Minister's pronouncement regarding Air Jamaica's future. "We are not informed that any sale is near. We have heard that about ten times since this year. We have heard that so many times that we believe that if the government is ready and believe that they are close then they need to have discussions with us stakeholders, they need to inform us officially, address us directly for us to have such confidence," the report quoted Mr. Valentine as saying. As reported in the Troubled Company Reporter-Latin America on June 29, 2009, RadioJamaica News said the Jamaican government indicated it will name a buyer for cash-strapped Air Jamaica. Radio Jamaica said the airline has been hemorrhaging over US$150 million per annum and the government has had to foot the massive bill. In addition, Radio Jamaica said, Air Jamaica currently has over US$600 million in loans outstanding. About Air Jamaica Headquartered in Kingston, Jamaica, Air Jamaica Limited -- http://www.airjamaica.com/-- was founded in 1969. It flies passengers and cargo to almost 30 destinations in the Caribbean, Europe, and North America. Air Jamaica offers vacation packages through Air Jamaica Vacations. The company closed its intra- island services unit, Air Jamaica Express, in October 2005. The Jamaican government owned 25% of the company after it went private in 1994. However, in late 2004, the government assumed full ownership of the airline after an investor group turned over its 75% stake. The Jamaican government does not plan to own Air Jamaica permanently. * * * As reported in the Troubled Company Reporter-Latin America on November 5, 2009, Standard & Poor's Ratings Services said that it lowered its long-term corporate credit rating on Air Jamaica Ltd. to 'CCC' from 'CCC+'. The outlook is negative. BAUXITE COMPANY, GUYANA: Workers End Two-Week Strike ---------------------------------------------------- Mining workers at the Russian-owned Bauxite Company of Guyana Inc. returned to their jobs over the weekend ending a two-week strike that the company said resulted in the loss of millions of dollars, Jamaica Gleaner reports. According to the report, the employees had been demanding an increase in salaries as well as protesting the decision of the bauxite company to lay off 75 workers. The report relates that plant owners UC Rusal had closed down operations temporarily as the strike dragged on, having earlier claimed losses of up to US$350 million over the first week. BCGI, the report notes, said that it would keep the promises made to workers to restart production and that it acknowledged the "loyalty and courage of those workers who returned to mine sites". The company also said it was "exploring all options to enhance the yearend pay packet" to workers, the report says. On November 22, the Gleaner recalls, workers at the company's operations at Aroaima and Kwakwani downed tools following a breakdown in negotiations. The report adds that Guyana Bauxite and General Workers Union's acting general secretary Leslie Gonsalves said that the union and the company had agreed in principle that letters of suspension which were given to employees would be withdrawn. CABLE & WIRELESS: LIME Theft Leaves Customers Without Service ------------------------------------------------------------- Lime (formerly Cable & Wireless Jamaica) said that cable theft and major vandalism of critical equipment has left the company's customers in sections of St. Ann and St. Mary without service, RadioJamaica reports. According to the report, LIME said that thieves removed several critical pieces of the transmission equipment serving sections of the eastern part of the North Coast. The report relates that investigations by the company's technical team have revealed that at least 70 cell sites, 25 Outside Plant Modules, which are used for landline service and 30 Digital Subscriber Line Access Multiplexers, which are used for internet service, have been affected by the vandalism. Lime (formerly Cable & Wireless Jamaica) -- http://home.cwjamaica.com/-- is a provider of national and international fixed line services. The company is owned 82% by Cable & Wireless plc. Cable & Wireless Jamaica also owns Jamaica Digiport International Limited, a company which provides high speed data and other telecommunications services exclusively to freezone and offshore companies. About Cable & Wireless Headquartered in London, England, Cable & Wireless plc -- http://www.cw.com/-- is an international telecommunications company. The Company offers mobile, broadband and domestic and international fixed line services to homes, small and medium-sized enterprises, corporate customers and governments. It operates in 39 countries through four major operations in the Caribbean, Panama, Macau and Monaco & Islands. It operates through two businesses: International and Europe, Asia & US. Its International business operates full service telecommunications companies through four major operations in the Caribbean, Panama, Macau and Monaco and Islands. Its Europe, Asia & US provides enterprise and carrier solutions to the largest users of telecom services across the United Kingdom, continental Europe, Asia and the United States. Its subsidiaries include Cable & Wireless UK, Cable & Wireless Jamaica Ltd, Cable & Wireless Panama, SA, Cable & Wireless (Barbados) Ltd and Monaco Telecom SAM. * * * According to Bloomberg data, Cable & Wireless plc continues to carry Moody's "Ba3"long-term corporate family rating, "B1"senior unsecured debt rating and "Ba3"probability of default rating with a stable outlook. The company continues to Standard & Poor's "BB-"long-term foreign and local issuer credit ratings and "B" short-term foreign and local issuer credit ratings. =========== M E X I C O =========== ASARCO LLC: Grupo Mexico to Pay US$1.79 Billion for Cleanup ----------------------------------------------------------- Justin Blum and Cary O'Reilly at Bloomberg News report that Grupo Mexico SA de C.V. agreed to pay US$1.79 billion for environmental clean-up work at 80 sites across the U.S. once owned by its unit, ASARCO LLC, that are contaminated with hazardous waste. The report relates the U.S. Environmental Protection Agency said that the money will fund restoration work by federal and local agencies at former ASARCO mining and metal-refining operations in 19 states, including a lead smelter in downtown Omaha, Nebraska, and the Tri-State Mining District in Kansas, Missouri and Oklahoma. According to the report, the payment is the largest cost recovery in the history of the EPA�s superfund program. The settlement �will mean cleaner land, water and air for communities across the country,� said Cynthia Giles, assistant administrator for the EPA�s Office of Enforcement and Compliance Assurance. Meanwhile, the report notes that cleaning ASARCO's Omaha site alone will cost US$219 million, while remediation at the Coeur d�Alene Work Trust in Idaho will cost US$436 million. The report relates that the money will also be used for sites in Arizona, Alabama, Arkansas, California, Colorado, Illinois, Indiana, Montana, New Jersey, New Mexico, Ohio, Texas, Utah and Washington. Grupo Mexico Completes Asarco Transaction As reported in the Troubled Company Reporter-Latin America on December 10, 2009, Grupo Mexico's subsidiary, Americas Mining Corp. consummated its bankruptcy plan for ASARCO LLC, reuniting ASARCO with its parent company. The reintegration follows U.S. District Court Judge Andrew S. Hanen's decision last month to approve GMEXICO�s full payment reorganization plan for ASARCO, concluding the company's four-year Chapter 11 proceeding. The court-approved plan, among other things, called for AMC to make a US$2.2 billion cash contribution to ASARCO for distribution to creditors, additionally disburse to creditors an estimated US$1.4 billion in cash on hand from ASARCO�s balance sheet and guarantee ASARCO�s issuance of a one-year promissory note for US$280 million payable to the asbestos creditors. To finance the plan, a syndicate of internationally recognized financial institutions has provided US$1.5 billion in financing to AMC. GMEXICO contributed an additional US$700 million to fund the US$2.2 billion cash contribution on the closing date. The completion of the bankruptcy plan results in the return of full management and control of ASARCO to AMC, and the release of AMC and GMEXICO from all bankruptcy-related claims. About ASARCO LLC Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/-- is an integrated copper mining, smelting and refining company. Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent. ASARCO LLC filed for Chapter 11 protection on August 9, 2005 (Bankr. S.D. Tex. Case No. 05-21207). James R. Prince, Esq., Jack L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C., represent the Debtor in its restructuring efforts. Paul M. Singer, Esq., James C. McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give legal advice to the Official Committee of Unsecured Creditors and David J. Beckman at FTI Consulting, Inc., gives financial advisory services to the Committee. When ASARCO LLC filed for protection from its creditors, it listed US$600 million in total assets and US$1 billion in total debts. ASARCO LLC has five affiliates that filed for Chapter 11 protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521 through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company, Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Sander L. Esserman, Esq., at Stutzman, Bromberg, Esserman & Plifka, APC, in Dallas, Texas, represents the Official Committee of Unsecured Creditors for the Asbestos Debtors. Former judge Robert C. Pate has been appointed as the future claims representative. Details about their asbestos-driven Chapter 11 filings have appeared in the Troubled Company Reporter since April 18, 2005. Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle, Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05- 21346) also filed for Chapter 11 protection, and ASARCO has asked that the three subsidiary cases be jointly administered with its Chapter 11 case. On October 24, 2005, Encycle/Texas' case was converted to a Chapter 7 liquidation proceeding. The Court appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7 Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee. ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC, and ASARCO Exploration Company Inc., filed for Chapter 11 protection on December 12, 2006. (Bankr. S.D. Tex. Case No. 06-20774 to 06-20776). Six of ASARCO's affiliates, Wyoming Mining & Milling Co., Alta Mining & Development Co., Tulipan Co., Inc., Blackhawk Mining & Development Co., Ltd., Peru Mining Exploration & Development Co., and Green Hill Cleveland Mining Co. filed for Chapter 11 protection on April 21, 2008. (Bank. S.D. Tex. Case No. 08-20197 to 08-20202). Bankruptcy Creditors' Service, Inc., publishes ASARCO Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by ASARCO LLC and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) About Grupo Mexico Grupo Mexico SA de C.V. -- http://www.grupomexico.com/-- through its ownership of Asarco and the Southern Peru Copper Company, Grupo Mexico is the world's third largest copper producer, fourth largest silver producer and fifth largest producer of zinc and molybdenum. * * * As of August 14, 2009, Grupo Mexico continues to carry Fitch Ratings' BB+ Issuer Default ratings. CEMEX SAB: Sells US$1.77 Billion Bonds Overseas ----------------------------------------------- CEMEX, S.A.B. de C.V. has sold US$1.77 billion of bonds denominated in dollars and euros as it seeks to repay loans from a US$15 billion debt restructuring, Veronica Navarro Espinosa at Bloomberg News reports, citing a person familiar with the transaction. According to the report, the company sold US$1.25 billion of seven-year dollar bonds to yield 9.50% and EUR350 million (US$515.7 million) of eight-year euro bonds to yield 9.625%. The report relates that the company boosted the size of the dollar bond from US$1 billion and the euro bond from EUR300 million. �The timing is clearly much better from a market point of view, given the steep spread compression that has taken place since the end of the first quarter of this year,� Andrew Belton and Charles- Henri Boivin, analysts at CreditSights Inc., wrote in a report obtained by the news agency. �Cemex now has a much better credit story to tell than it did at the end of February 2009,� he added. As reported in the Troubled Company Reporter-Latin America on December 9. 2009, Bloomberg News said Cemex SAB Chief Executive Officer Lorenzo Zambrano is returning to the bond market nine months after his failure to sell US$500 million of securities forced him to extend payments on bank debt he took on to finance Sydney-based Rinker Group Ltd. in 2007. The report related Francisco Suarez, an analyst at Mexico City-based brokerage Actinver, said that the spending restraints that banks including HSBC Holdings Plc and Banco Santander SA forced upon Cemex are stifling Mr. Zambrano's goals of expanding again. About Cemex SAB CEMEX, S.A.B. de C.V. is a Mexican corporation, a holding company of entities which main activities are oriented to the construction industry, through the production, marketing, distribution and sale of cement, ready-mix concrete, aggregates and other construction materials. CEMEX is a public stock corporation with variable capital (S.A.B. de C.V.) organized under the laws of the United Mexican States, or Mexico. * * * As reported in the Troubled Company Reporter-Latin America on August 19, 2009, Fitch Ratings has affirmed these ratings of Cemex, S.A.B. de C.V.: -- Foreign currency Issuer Default Rating at 'B'; -- Local currency IDR at 'B'; -- Long-term national scale rating at 'BB-(mex)'; -- MXN5 billion Certificados Bursatiles program at 'BB- (mex)'; -- MXN30 billion Programa Dual Revolvente de Certificados Bursatiles program at 'BB-(mex)'; -- Senior unsecured debt obligations at 'B+/RR3'; -- Unsecured debt issued through the Certificados Bursatiles program at 'BB-(mex)'; -- Short-term national scale rating at 'B (mex)'; -- MXN2.5 billion short-term portion of Programa Dual Revolvente de Certificados Bursatiles program at 'B (mex)'. GRUPO MEXICO: To Pay US$1.79 Billion for Asarco Cleanup ------------------------------------------------------- Justin Blum and Cary O'Reilly at Bloomberg News report that Grupo Mexico SA de C.V. agreed to pay US$1.79 billion for environmental clean-up work at 80 sites across the U.S. once owned by its unit, ASARCO LLC, that are contaminated with hazardous waste. The report relates the U.S. Environmental Protection Agency said that the money will fund restoration work by federal and local agencies at former ASARCO mining and metal-refining operations in 19 states, including a lead smelter in downtown Omaha, Nebraska, and the Tri-State Mining District in Kansas, Missouri and Oklahoma. According to the report, the payment is the largest cost recovery in the history of the EPA�s superfund program. The settlement �will mean cleaner land, water and air for communities across the country,� said Cynthia Giles, assistant administrator for the EPA�s Office of Enforcement and Compliance Assurance. Meanwhile, the report notes that cleaning ASARCO's Omaha site alone will cost US$219 million, while remediation at the Coeur d�Alene Work Trust in Idaho will cost US$436 million. The report relates that the money will also be used for sites in Arizona, Alabama, Arkansas, California, Colorado, Illinois, Indiana, Montana, New Jersey, New Mexico, Ohio, Texas, Utah and Washington. Grupo Mexico Completes Asarco Transaction As reported in the Troubled Company Reporter-Latin America on December 10, 2009, Grupo Mexico's subsidiary, Americas Mining Corp. consummated its bankruptcy plan for ASARCO LLC, reuniting ASARCO with its parent company. The reintegration follows U.S. District Court Judge Andrew S. Hanen's decision last month to approve GMEXICO�s full payment reorganization plan for ASARCO, concluding the company's four-year Chapter 11 proceeding. The court-approved plan, among other things, called for AMC to make a US$2.2 billion cash contribution to ASARCO for distribution to creditors, additionally disburse to creditors an estimated US$1.4 billion in cash on hand from ASARCO�s balance sheet and guarantee ASARCO�s issuance of a one-year promissory note for US$280 million payable to the asbestos creditors. To finance the plan, a syndicate of internationally recognized financial institutions has provided US$1.5 billion in financing to AMC. GMEXICO contributed an additional US$700 million to fund the US$2.2 billion cash contribution on the closing date. The completion of the bankruptcy plan results in the return of full management and control of ASARCO to AMC, and the release of AMC and GMEXICO from all bankruptcy-related claims. About ASARCO LLC Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/-- is an integrated copper mining, smelting and refining company. Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent. ASARCO LLC filed for Chapter 11 protection on August 9, 2005 (Bankr. S.D. Tex. Case No. 05-21207). James R. Prince, Esq., Jack L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C., represent the Debtor in its restructuring efforts. Paul M. Singer, Esq., James C. McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give legal advice to the Official Committee of Unsecured Creditors and David J. Beckman at FTI Consulting, Inc., gives financial advisory services to the Committee. When ASARCO LLC filed for protection from its creditors, it listed US$600 million in total assets and US$1 billion in total debts. ASARCO LLC has five affiliates that filed for Chapter 11 protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521 through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company, Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Sander L. Esserman, Esq., at Stutzman, Bromberg, Esserman & Plifka, APC, in Dallas, Texas, represents the Official Committee of Unsecured Creditors for the Asbestos Debtors. Former judge Robert C. Pate has been appointed as the future claims representative. Details about their asbestos-driven Chapter 11 filings have appeared in the Troubled Company Reporter since April 18, 2005. Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle, Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05- 21346) also filed for Chapter 11 protection, and ASARCO has asked that the three subsidiary cases be jointly administered with its Chapter 11 case. On October 24, 2005, Encycle/Texas' case was converted to a Chapter 7 liquidation proceeding. The Court appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7 Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee. ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC, and ASARCO Exploration Company Inc., filed for Chapter 11 protection on December 12, 2006. (Bankr. S.D. Tex. Case No. 06-20774 to 06-20776). Six of ASARCO's affiliates, Wyoming Mining & Milling Co., Alta Mining & Development Co., Tulipan Co., Inc., Blackhawk Mining & Development Co., Ltd., Peru Mining Exploration & Development Co., and Green Hill Cleveland Mining Co. filed for Chapter 11 protection on April 21, 2008. (Bank. S.D. Tex. Case No. 08-20197 to 08-20202). Bankruptcy Creditors' Service, Inc., publishes ASARCO Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by ASARCO LLC and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) About Grupo Mexico Grupo Mexico SA de C.V. -- http://www.grupomexico.com/-- through its ownership of Asarco and the Southern Peru Copper Company, Grupo Mexico is the world's third largest copper producer, fourth largest silver producer and fifth largest producer of zinc and molybdenum. * * * As of August 14, 2009, Grupo Mexico continues to carry Fitch Ratings' BB+ Issuer Default ratings. ======= P E R U ======= BANCO DE CREDITO: Finances Buenaventura HPP Construction -------------------------------------------------------- Banco de Credito del Peru provided US$119 million (EUR80.8 million) in funding for local mining group Buenaventura's construction of a hydroelectric power plant, Trading Market News reports. According to the report, the loan was extended to Buenaventura's unit Empresa de Generacion Huanza. The report relates that the 90 MW Huanza hydroelectric power plant is expected to be launched in February 2013, almost three years after launching the project in March 2010. Banco de Credito del Peru is Peru's largest bank, with a dominating market share of over 30% of deposits, and boasts total consolidated assets of US$9.6 billion and equity of US$780 million as of June 30, 2006. It is the principal operating company within Credicorp, Peru's largest financial services company, which controls 96.2% of Banco de Credito; Credicorp is widely held by local and foreign institutional shareholders. * * * As reported in the Troubled Company Reporter-Latin America on November 10, 2009, Standard & Poor's Ratings Services said that it affirmed its 'BB' subordinated debt rating on Banco de Credito del Peru's US$250 million noncumulative fixed/floating-rate step-up junior subordinated notes due 2069. Proceeds from the issuance will be used for general corporate purposes. =============================== T R I N I D A D & T O B A G O =============================== CL FINANCIAL: HCL CEO Separated From One Woodbrook Project ---------------------------------------------------------- Home Construction Ltd Chief Executive Officer Hayden Ameerali has been separated from the company seventeen months after he was appointed, Trinidad and Tobago Guardian reports. Home Construction Ltd is a subsidiary of the CL Financial Group whose major project has been One Woodbrook Place. According to the report, citing unnamed sources, CL Financial Group Chief Executive Officer Steve Bideshi announced Mr. Ameerali's separation from the company. The report relates that sources said civil engineering consultant Michael Paty would replace Mr. Amerali�s. Mr. Paty, the report notes, said that his company, Exeqtech, was �definitely involved� at a high level in bringing the US$1 billion OWP project to completion. The report relates Exeqtech was asked by the HCL Group to get involved in the project management of the project at the beginning of November. About CL Financial According to Wikipedia, CL Financial Limited is the largest privately held conglomerate in Trinidad and Tobago and one of the largest privately held corporations in the entire Caribbean. Founded as an insurance company, Colonial Life Insurance Company (CLICO) by Cyril Duprey, it was expanded into a diversified company by his nephew, Lawrence Duprey. CL Financial is now one of the largest local conglomerates in the region, encompassing over 65 companies in 32 countries worldwide with total assets standing at roughly US$100 billion. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 20, 2009, the Trinidad and Tobago Express said Central Bank Governor Ewart Williams disclosed that an examination of insurance company CLICO, dissolved finance house CLICO Investment Bank and other CL Financial companies, showed a deficit between $6 billion and $8 billion. Tobago President George Maxwell Richards, The Express related, signed bailout bills for CL Financial, giving the government the authority to control the company's unit, Colonial Life Insurance Company, and giving the central bank extensive powers to treat with CL Financial's collapse and the consequent systemic crisis. ================= V E N E Z U E L A ================= CITGO PETROLEUM: To Cooperate Fully With CSB Investigation ---------------------------------------------------------- CITGO Petroleum Corporation disclosed that it appreciates the thorough, ongoing investigation conducted by the US Chemical Safety & Hazard Investigation Board and has already taken action on the board's recommendations. The company said it "holds nothing in higher regard than the safety of our employees and members of the local community." Additionally, CITGO remains committed to fully cooperating with the ongoing CSB investigation into the July 19 incident at the CITGO Corpus Christi refinery and looks forward to reviewing the findings of the full report. The company's engineering calculations of the amounts of hydrogen fluoride (HF) released were based upon and supported by thousands of air monitoring samples taken by CITGO as well as the US Environmental Protection Agency (EPA) and a rigorous mass balance. Finally, by raising concerns to CSB's release of the incident videos at this time to the public, the company said it "is simply acting in good faith to maintain and preserve the security of our refinery. Moreover, CITGO has provided these videos to all the investigating agencies that requested them." About Citgo Petroleum Headquartered in Houston, Texas, Citgo Petroleum Corp. -- http://www.citgo.com/-- is owned by PDV America, an indirect, wholly owned subsidiary of Petroleos de Venezuela S.A., the state-owned oil company of Venezuela. * * * As reported in the Troubled Company Reporter on June 5, 2009, Fitch Ratings affirmed the current ratings of CITGO Petroleum Corporation but revised the company's Outlook to Negative from Stable. Fitch affirmed these ratings for CITGO: -- Issuer Default Rating at 'BB-'; -- Senior Secured Credit Facility at 'BBB-'; -- Secured Term Loan at 'BBB-'; -- Fixed-Rate Industrial Revenue Bonds at 'BBB-'. *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR-LA. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter - Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA, Marites O. Claro, Joy A. Agravente, Rousel Elaine C. Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2009. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *